Cash balances held by banks with their local Federal Reserve Bank. The normal transaction with these fund is an inter bank sale of a Fed fund deposit for one business day. Straight deals are where the funds are traded overnight on a unsecured basis.

Noninterest-bearing deposits held by member banks at the Federal Reserve.

(1) The overnight borrowing of reserves by a bank from another bank. (2) Immediately available funds (vs. Clearing House Funds).